Bitcoin Slips to US$76,000 as Investors Begin Profit-Taking
Bitcoin slumped to around US$76,745, trading below its 50-day moving average as outflows from US spot Bitcoin ETFs accelerated and demand in the United States weakened. Bitcoin is currently exchanging hands around US$76,745, versus a monthly high above US$82,000.
Data from TradingView on Wednesday, 20 May 2026 shows the pressure mainly coming from spot Bitcoin ETFs in the United States recording large outflows over several days. The ETF Bitcoin saw outflows for three consecutive days, totaling more than US$1.2 billion (about Rp21.24 trillion) in the period.
On the last trading day, outflows reached US$331 million (about Rp5.85 trillion), after earlier reporting large withdrawals. For the month, ETF Bitcoin has logged outflows of around US$727 million (about Rp12.87 trillion), reversing from the start of the month when inflows exceeded US$1.6 billion (about Rp28.32 trillion).
Separately, the Coinbase Premium Index has remained in negative territory for several weeks, indicating weaker demand for Bitcoin in the United States relative to global markets. On Coinbase, the Bitcoin price no longer shows the premium that typically accompanies strong demand. The derivatives market has also weakened. Bitcoin open interest declined from more than US$60 billion to around US$55 billion, signaling shrinking speculative positions.
Macro conditions add further pressure. Higher energy prices and inflation in the United States have reinforced expectations that interest rates will remain higher for longer as the Federal Reserve pursues tighter monetary policy. New data show US inflation rising to 3.8 percent, while the Producer Price Index reached 6 percent. These conditions weigh on risk assets, including crypto.
In addition, investors are rotating into equities driven by the AI (artificial intelligence) trend. Large ETFs such as VOO and IVV have recorded substantial inflows so far this year. By contrast, the yield on 30-year US Treasuries has risen above 5 percent, making bonds more attractive.